No one can doubt at this point that in the market all eyes have been on the Federal Reserve in recent hours. And even more so after the inflation data that was released yesterday in the United States, which keeps alive the perspective that the North American central entity ease monetary policy this year twice instead of onceas had been speculated in the last hours.
While it is true that the consolidation of the US stock markets in recent weeks It has made investors and analysts think (especially at the beginning of the week) more about the possibility of witnessing a corrective process than a consolidative one in the European market.it is also true that the behavior of the Ibex 35 in this context has now made it possible to identify new clues at a technical level.
And the fact is that the Spanish selective “has not even gone to seek support again from the key support of the 11,300 pointswhich is the dividing line that separates a consolidative context prior to more increases from a potentially bearish one towards the 10,300 points“, highlights Joan Cabrero, technical analyst and strategist of ecotrader.
“In the short term the Ibex 35 would only show weakness if it lost the support of the 11,635 points. If that happens, everything would point to a return to 11,300 points. As long as it resists on this support I do not rule out that it could go to attack last year’s highs at 12,000/12,150 points“explains the expert, who operationally remembers that Only at the August lows would I consider buying the Spanish stock market attractive again with a medium-term orientation.
In Europe, the EuroStoxx 50 is trying again in the short term to beat the downward trend that has been guiding the consolidation process that it has developed over the last nine months and that runs through the 5,050 points. “If it were to exceed it, it would be a clear sign of strength, especially if it is accompanied by the breaking of last year’s highs in the 5,125 points“, highlights Cabrero.
Of course, if it fails in its attempt to beat this guideline, it could see falls that test the solidity of the support of the 4,800 points and above all the 4,688 pointscorresponding to the minimums of last December and November.
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